Ethereum Price Forecast: BitMine slows accumulation even as Tom Lee predicts a crypto spring

Ethereum price today: $2,320

• BitMine bought 26,659 ETH last week, its lowest weekly acquisition since unveiling its treasury strategy last June.
• Thomas Lee says that ETH would confirm that a "crypto spring has arrived" if it closes May above $2,100.
• ETH bears are leveraging the 100-day EMA and $2,388 resistance as key distribution levels.

Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) purchased 26,659 ETH last week, taking its holdings of the top altcoin to 5.2 million ETH. However, that figure represents its lowest weekly acquisition since becoming an ETH treasury last June.

"We have decided to slow down our pace of weekly accumulation from >100,000 per week as we originally targeted reaching the 'alchemy of 5%' target in late 2026. Our previous pace of >100k weekly buys would have us reach 5% by mid-July," said BitMine Chairman Thomas Lee in a Monday statement.

In June 2025, the company outlined plans to acquire and stake 5% of the entire ETH circulating supply.

So far, BitMine has staked 4.71 million ETH, about 90% of its holdings, which is earning an annualized staking yield of $319 million.

Lee added that the crypto spring season has commenced, citing Wall Street's tokenization move and agentic AI as key drivers that could help Ethereum spur a crypto bull cycle. He also highlighted that ETH's correlation with software stocks, which have risen over the past two months, suggests that the crypto spring has begun.

"If ETH closes above $2,100 at the end of May 2026, this would be the third consecutive monthly gain – this has never been seen in a crypto bear market. Thus, a close above $2,100 would validate that 'crypto spring' has arrived," noted Lee.

However, not everyone shares that belief. Key Bitcoin OG Garrett Jin, who held a large ETH supply, deposited his remaining 225,627 ETH to Binance in early Asian market hours on Monday, according to smart money tracker Lookonchain. That move brings his total exchange deposits to 577,896 ETH over the past four days, with a potential loss of roughly $1.3 billion.

Meanwhile, BitMine also reported holdings of 201 Bitcoin (BTC), a $200 million stake in Beast Industries, an $88 million stake in Eightco Holdings (ORBS) and total cash of $775 million.

Ethereum Price Forecast: Bears mount pressure on 100-day EMA and $2,388 resistance

Ethereum has seen $88.1 million in liquidations over the past 24 hours, led by $46.4 million in long liquidations, according to Coinglass data.

On the daily chart, ETH is holding a mildly constructive bias as it stays above the 20- and 50-day Exponential Moving Averages (EMAs) at roughly $2,317 and $2,274, respectively, while remaining capped by the 100-day EMA near $2,353.

The Relative Strength Index (RSI) around 54 and a mid-range Stochastic reading suggest balanced but slightly positive momentum, hinting that the pair could extend gains if it can decisively clear the nearby 100-day EMA cap.

On the topside, immediate resistance is located at the 100-day EMA around $2,354, followed by the horizontal barrier at $2,388, with higher hurdles at $2,746 and $3,412 if bullish pressure accelerates.

On the downside, initial support is seen at the 20-day EMA near $2,317, ahead of the 50-day EMA around $2,274. A break below these would expose the horizontal floors at $2,211 and $2,108, with deeper levels lining up at $1,909, $1,741 and $1,524.

(The technical analysis of this story was written with the help of an AI tool.)